Marketers should continually test different communication channels to find the media mix that works best for them, retail magnate Theo Paphitis says.
In a video interview with Marketing Week, the former Dragons’ Den investor urges marketers to keep an open mind about the platforms they use, adding that traditional media still has an important role to play.
“Not everything works for everybody,” he says. “Television didn’t work for us a few years ago, but we still go back and keep trialling and testing.”
Paphitis, who owns retailers Ryman, Robert Dyas and Boux Avenue, suggests that high street brands must adapt their business models around multichannel retailing if they are to survive. Each of his businesses reported strong sales growth last year, driven by an increasing role for ecommerce.
“We’ve seen so many of the old, well-known, trusted retailers disappear from the high street and that’s because they were still using the old [business] models,” he says.